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RBI Governor: Re-KYC can now be done electronically

Banks are required by RBI’s KYC norm guidelines to update account holders’ customer identification documents on a regular basis. In addition to the KYC handled at account opening, individuals might well be required to complete re-KYC and submit the necessary papers, as per RBI standards.

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The governor responded to a question at a press conference following the announcement of the monetary policy result by stating that customers can perform re-KYC (know your customer) online, with the exception of cases where there is an address change.

Re-KYC: According to RBI guidelines, lenders request re-KYC at regular intervals to keep the bank’s records up to date. Customers can use re-KYC to update their records if their personal or contact information changes. According to the RBI’s KYC norms guidelines, banks must update the customer identification documents of their account holders on a regular basis. Customers may be required to undergo re-KYC and submit the necessary documents in addition to the KYC performed when opening an account.

Period: According to banking experts, the time intervals for periodic updating of KYC for existing high-, medium-, and low-risk customers are 2, 8, and 10 years, respectively.

Consequences of failing it: According to RBI rules, if the required KYC documents are not submitted by the customer for periodic updating, the bank has the full right, including the right to close the account.

RBI policy terms: The benchmark lending rate has increased by 35 basis points to 6.25 percent by the RBI in an effort to control inflation. This is the fifth rate hike in a row, following a 40 basis point increase in May and 50 basis point increases in June, August, and September. Since May 20, 2022, the RBI has raised the benchmark rate by 2.25 percent.

However, it is critical to understand that there is a central KYC registry and that if the identifier number can be shared with other banks, re-KYC is not required.

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